Document background
The Current Account Agreement serves as the foundational document establishing a banking relationship under Austrian law. It is required whenever a customer (individual or business) wishes to open a current account with an Austrian banking institution. The agreement encompasses all essential aspects of the account relationship, including service provisions, operational terms, fees, and regulatory compliance requirements. It must conform to Austrian banking regulations, particularly the Bankwesengesetz (BWG), consumer protection laws, and EU directives implemented in Austrian law. The document is crucial for ensuring clear understanding between parties and providing legal certainty in the banking relationship, while also serving as a reference point for both routine operations and dispute resolution.
